Trading the S&P 500 after it tops 1,700

With stocks crossing a new milestone for the first time, the "Fast Money" traders share how they're playing the market.

After the S&P 500 crossed the 1,700 threshold for the first time Thursday, the CNBC "Fast Money" traders shared how they're playing the stock market.

A day ahead of the U.S. employment report, Stephen Weiss of Short Hills Capital noted that there was no clear consensus on what a big number in either direction would have on the market.

"To me, that means that it's getting a little frothy up here, at least near-term, when you can't look at outcomes and predict them with certainty based upon a set of circumstances, or confidence, so I think you've got to take a little off the table here," he said. "I'm still bullish, but I'd take a little off the table."

Even with approximately one-quarter of the stocks in the S&P 500 at 52-week highs, Terranova still saw opportunity.

"I think if you continue to see this growth acceleration in the economy that you're getting, and you continue to see the actual asset performance solely here in the U.S. like we're getting, I think you're going to see an incredible chase," he said.

TheStreet CIO Stephanie Link said that earnings season – and less-than-stellar quarters – were giving investors the dips needed to put more money to work in names such as Anadarko, Occidental, Timkin and Costco.

"I think there are opportunities in the markets with certain stocks that you like," she added. "If there's dislocation from earnings and if the market interprets the data differently, that's when you can get in, especially if the economic data continues to get better."

Trader disclosure: On Aug. 1, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long VRTS; Joe Terranova is long OXY; Joe Terranova is long TRV; Joe Terranova is long EMC; Joe Terranova is long SJM; Joe Terranova is long TRIP; Joe Terranova is long SBUX; Joe Terranova is long URBN; Joe Terranova is long HOS; Joe Terranova is long AXP; Joe Terranova is long MS; Joe Terranova is long PXD; Joe Terranova is long EOG; Joe Terranova is long CXO; Joe Terranova is long LTD; Joe Terranova is long MINI S&P FUTURES; Joe Terranova is long CRUDE OIL FUTURES; Stephen Weiss is long AAMRQ; Stephen Weiss is long BAC; Stephen Weiss is long C; Stephen Weiss is long MOS; Stephen Weiss is short POT; Stephen Weiss is long M; Stephen Weiss is long LCC; Stephen Weiss is long SODA; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY; Stephanie Link is long TKR; Stephanie Link is long DD; Josh Brown is long AAPL; Josh Brown is long DD; Josh Brown is long VGK; Josh Brown is long CVX.